Wound Care Market is anticipated to grow up to USD 27.7 billion, at a CAGR of 4.7% during the forecast period 2022-2031

The global wound care market was valued at USD 17.5 billion in 2021 and it is anticipated to grow up to USD 27.7 billion by 2031, at a CAGR of 4.7% during the forecast period.

Wound care is becoming a standard treatment option for chronic wounds. It helps to maintain moist environment, regulating temperature, allowing oxygen to flow, safeguarding the damaged location from external infection, and pain relief associated with dressing changes. The most widely used wound care product include hydrogels, hydrocolloids, alginates, film & foam dressings and others.

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Market Trends and Drivers:

Over the past decade, there has been a noticeable rise in the prevalence of chronic wounds, as a result of the increasing elderly population across the globe along with the rising obesity and diabetes rates. Obesity and diabetes can result in an increased overall complexity and incidence of wounds including ulcerations (foot or leg ulcers), surgical wounds and infections, which require treatments and incur excessive medical costs.

Rising geriatric population worldwide is the major factor augmenting the wound care industry growth. For instance, as per data published by United Nations population, in 2019, the number of people globally who were 65 and above was 703. This number is further projected to increase to 1.5 billion by 2050. The report also estimated that the share of the population who are 65 and above have increased from 6 per cent in 1990 to 9 per cent in 2019 and is further expected to rise to 16 per cent by year 2050. As a result, one in every three people across the globe will be 65 or older. As the population ages, there will be greater opportunities for advanced wound care because older people's wounds heal more slowly. Additionally, due to the high risk of infection, especially in the cases of severe wounds, older individuals find it difficult to take care of their own wounds.

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COVID-19 Impact:

A worldwide emergency has been caused by the COVID-19 pandemic. The impact of COVID-19 on the wound care industry is observed to be negative since a large number of countries adopted lockdown to curb community transmission of the COVID-19 infection. The market experienced a short-term disruption during the early days of the COVID-19 pandemic due to supply chain disruptions and a decline in non-urgent in-person clinic visits, which had a negative impact. Because of the rapid spread of the coronavirus, several manufacturers in the market have been forced to halt their production and manufacturing operations. The risk of patients getting COVID-19 infections in hospitals and other healthcare facilities restrained market expansion. To prevent the COVID-19 pandemic, special care and measures are being implemented for vulnerable patients in a controlled setting, which will substantially regain industry growth.

Major Players in the Global Wound Care Market:

The key players in the market are 3M Company (U.S.), Smith & Nephew PLC (UK), Cardinal Health (U.S.), Medtronic PLC (Ireland), B. Braun Melsungen AG (Germany), Baxter International, Inc. (U.S.), Convatec Group (UK), Paul Hartmann AG (Germany), Coloplast A/S (Denmark), Integra Life Sciences Holdings Corporation (U.S.), Bioventus (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Ethicon, Inc. (U.S.), Lohmann & Rauscher GmbH & Co. KG (Germany), Mölnlycke Health Care AB (U.S.) and Medline Industries, Inc. (U.S.) among others.

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